DEMYSTIFYING THE WORLD OF “BIZ DEV”

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Section 1: What is Business Development?

When you ask 10 people to define “Business Development”, chances are that you will get 10 different answers. Here are some of my favorite articles that try to answer this question:

• Understanding Business Development by Seth Godin (Writer)
• What, Exactly, is Business Development by Scott Pollack (SumAll)
• The Difference between Sales and Business Development by Andrew Dumont (bit.ly)
• Business Development – the Polar Opposite of Sales by Bernie Brenner (TrueCar)
• Building Your Partner Ecosystem by Tien Anh Nguyen (OpenView)

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Section 2: Why Should Companies Invest in Business Development?

Thought leaders agree that every company should invest in business development, as it can help the company achieve tactical goals (like accelerate revenue growth) and/or strategic goals (like an acquisition).  Below are some great articles on this topic:

• The Business Case for Partnership Development by Tien Anh Nguyen (OpenView)
• Who You Gonna Call?  Navigating the Existential Crisis by John O’Farrell (a16z)
• Partner or Die by Bill McComb (Fifth and Pacific)
• How Small Companies Can Get Big, Fast! by Michael Skok (angel)
• There are Only a Few Ways to Scale User Growth, and Here’s the List by Andrew Chen (angel)

Section 3: When Should Companies Invest in Business Development?

Thought leaders agree that early-stage start-ups should avoid investing in BD until the company has achieved a degree of Product / Market fit.  However, people disagree on when exactly is the “right” time to invest in BD.  Here are some good articles on the topic:

• For Start-ups, the Default Answer to Biz Dev Deals Should be No by Paul Graham (YC)
• The Fallacy of Channels: Start-ups Beware by Mark Suster (Upfront)
• Your (Belated) SaaS New Year’s Resolution: Add a Layer by Jason Lemkin (Storm)
• The SaaS Adventure by Neeraj Agrawal (Battery)
• Are You Ready to Sign Some Business Development Deals? by Sean Jacobsohn (Norwest)
• Should You Be Investing in Channel Sales and Marketing? by Cece Bazar (OpenView)

Section 4: How Should Companies Execute a Business Development Plan?

I have broken the “How” down into a couple of sub-segments, as there is a lot of ground to cover.

a) Building the Business Development Function

Great BD folks are hard to come by.  Here are some thoughts on what makes an exceptional BD professional:

• How to Hire Great Business Development People by Elad Gil (angel)
• What are the Fundamental Skills for Tech Business Development by Matt Wyndowe (Uber)
• Sales Learning Curve and the Renaissance Rep by Firas Raouf (OpenView)
• How Business Development Differs Between Start-ups and Big Companies by Scott Pollack (SumAll)

b) Evaluating a Potential Partnership

Advice on how to evaluate a potential partnership:

• 5 Lessons from Business Deals You Passed Up by Eric Grafstrom (IAC)
• Distribution Partnerships for Start-ups by Tom Tunguz (Redpoint)
• The Law of Attach Rates, and Why Partners Can’t Really Move the Needle for You (Directly) by Jason Lemkin (Storm)
• Why Start-up Biz Dev Deals Almost Never Get Done by Jason Cohen (WP Engine)
• An Executive’s Guide to Not Screwing up Partnerships by Owen Tripp (Grand Rounds)
• 3 Sure-fire Ways to Tell if it’s a Bad Distribution Deal by Mike Bergelson (EverWise)

c) Negotiating and/or Structuring a Partnership

I have plenty of scars on my back from deals where I could have done a better job with negotiating and/or structuring.  I wish I had read these articles years ago:

• Partnering with a Goliath: A Tale of Two Announcements by John O’Farrell (a16z)
• Contract Traps Entrepreneurs Should Avoid at All Costs by John Greathouse (Rincon)
• Has Your Company Already Failed This Idiot Test? by John Greathouse (Rincon)
• Turning a Channel Partnership into a Great Exit: 5 Rules to Follow by Kevin Spain (Emergence)
• On Negotiating Your First Few Partnerships by Dan Shipper (Firefly)
• How are SaaS Companies Compensating their Affiliates by Jason Lemkin (Storm)

d) Launching and/or Managing a Partnership

Closing the deal is the easy part.  The hard (and arguably more important) part comes next:

• SaaS Business Development: Overcoming Common Hurdles by Sean Jacobsohn (Norwest)
• 7 Steps Hubspot Used to Scale its Channel Sales Program by Pete Caputa (Hubspot)
• The 5 Most Dangerous Channel Traps to Avoid by David Skok (Matrix)
• SaaS Distribution: Time to Change the Channel by Lincoln Murphy (Gainsight)
• Use Partner Offers to Quickly Grow Your Business by Lincoln Murphy (Gainsight)
• How Does a Small Company Make a Big Company Successful by Brad Feld (Foundry)

Section 5: The Intersection of Business Development and Corporate Development

Strategic BD (partnerships) tends to overlap with Corporate Development (Investments, M&A).  Here are some great articles on this topic:

• Corporate Venturing: How Entrepreneurs Can Get the Love Without a Bear Hug by John Greathouse (Rincon)
• Is it Wise to Take Strategic Investment from a Potential Acquirer? by Roger Ehrenberg (IA Ventures)
• Who You Gonna Call?  Strategic M&A by John O’Farrell (a16z)
• Knowing Where the Exits Are by John O’Farrell (a16z)
• The Founder’s Guide to M&A by Chip Hazard (Flybridge)
• The Founders Guide to Selling Your Company by Justin Kan (YC)

Section 6: Sharpening the Saw (Best Practices for the BD Professional)

Here are some Best Practices for being effective in BD:

• More on Biz Dev Intros… by David Lee (SV Angel)
• The Power of Being Human in Business Development by Brad Feld (Foundry) and Chet Kittleson (UP Global)
• “Call High and Wide” Said the Wise Man by Craig Rosenberg (Funnelholic)
• How to Make Better Phone Calls in Business by Mark Suster (Upfront)
• What You Should Do Before Every Meeting by John Barrows (j.barrows)
• 5 Practical Tips to Negotiate Better Deals by Arjun Moorthy (Hubspot)

Section 7: In-depth Resources on Business Development

I have come across a handful of longer-form resources (guides, book, online courses, etc.) on the topic of BD.  Here are the better ones (most of which I have read):

• The Complete Guide to Channel Sales and Marketing by OpenView Labs (OpenView)
• Using Business Development to Grow Your SaaS Start-up by Sean Jacobsohn (Norwest)
• The Sumo Advantage by Bernie Brenner (TrueCar)
• Pitching & Closing: Everything You Need to Know About Business Development by Alex Taub (SocialRank)
• The Ultimate Guide to Startup Business Development by Andrew Dumont (bit.ly)

If you find what you read here to be useful, please share with your networks. And if you have any comments or additions, please let me know.